The cryptocurrency market began to experience a downturn, with major coins such as Bitcoin, Ethereum, Shiba Inu, Dogecoin and Terra suffering significant losses.
Traders and investors are wondering whether this represents a buying opportunity or whether the market will continue its downward trend. As Bitcoin loses value and altcoins like Ethereum and Dogecoin also fall, many are examining key support and resistance levels to gauge potential future price movements.
Bitcoin Struggling to Hold Key Support Levels
Bitcoin price fell to $63,600.84, representing a decline of 3.51% over the past day. This continues the downward trend from $65,900, indicating bearish sentiment in the market.
Moreover, 24-hour volume increased by 127.72%, indicating intense trading activity likely driven by major sell-offs. The current support level is $63,000, but if Bitcoin breaks below this level, it could test the $61,000 mark. Resistance at $65,900 remains a headwind and only a break above that level would signal a potential recovery.
Ethereum Faces a Downtrend with Limited Upside Potential
Ethereum, currently priced at $2,603.50, fell 2.32%. The price trend shows a consistent downward movement from $2665. The immediate support is $2,600, and if this level is broken, Ethereum could fall to around $2,580-$2,590.
However, resistance lies at $2,665 and only a sustained break above this level can shift the momentum towards the bullish outlook. With volume up 49.10%, increased trading activity suggests strong activity from both buyers and sellers, but a break below $2,600 could signal further declines.
Shiba Inu and Dogecoin: meme coins under pressure
Shiba Inu (SHIB) and Dogecoin (DOGE) also showed significant declines. SHIB is down 8.54% and is now worth $0.0000178. The immediate support is at $0.0000175, and the resistance is at $0.0000185. Failure to hold support could push SHIB into a deeper bearish trend.
Read also: SHIB leads altcoin growth: BONK, BRETT, CFX, XEC and other pumps
On the other hand, Dogecoin is currently valued at $0.1176, up 7.03%. DOGE support is hovering around $0.1170, but if this level fails, DOGE could fall to $0.1150. Resistance is noted at $0.1200, which DOGE needs to overcome for a significant recovery.
Terra’s sharp fall reinforces bearish sentiment
Terra (LUNA) is one of the hardest hit tokens, with a 10.11% drop bringing its price down to $0.4159. The price chart shows a strong downward trend from $0.4626.
Immediate support at $0.4159 is being tested, but a fall below $0.41 could increase selling pressure. Resistance at $0.44 is now critical to any near-term recovery. The market capitalization stands at US$295.26 million, with a notable increase in volume of US$75.18 million, indicating increased market participation.
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